UBS Managers the US Told to Seek New Jobs Internally: At UBS wealth management in the US, various branch managers are rumored to have been told to apply internally for a new job. Is this a thinly veiled dismissal? USA branchmanagers
There are rumblings in the US wealth management business at UBS, the Swiss bank asked dozens of branch managers in the United States to find new jobs internally by early next year, as reported by the US industry portal «Advisor Hub». Various UBS executives have already approached headhunters to be placed, with one recruiter who previously worked at UBS calling the internal application process «a joke.
As many as 36 branch manager positions are said to be eliminated among over 260 US locations, although not all of the branches have managers or «market directors» as they will be called. UBS did not want to comment on the allegations to the portal. A request for comment from finews.com on the matter remains without a response.The US is considered the world's largest wealth management market and is by the number of employees the largest market region in the asset management of UBS.
The Americas are an expensive cost center for the group. According to UBS's figures for the past third quarter, the region had the worst cost-to-income ratio at 83 percent, compared with 60 percent in its Swiss home market. At $600 million, it had the second lowest pre-tax profit of all the world's regions.